Ally Bank Online Savings Account review December 2018

18 December 2018

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No monthly maintenance fees

Earn a rate 20x higher than the national average

Deposit checks remotely with Ally eCheck Deposit

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Make your savings work for you with a 2% APY, easy access and no hidden fees.

With an endless selection of financial institutions and products, choosing the right savings account can take time. Ally is an online-only bank that offers competitive rates and low fees by avoiding the overhead costs of physical branches. The result is an easily accessible online savings account with low fees and a 2% APY, regardless of your balance.

Daily compounded interest. Interest on your savings is compounded daily, so you’ll earn on what you save each day.

Security. Deposits are covered by FDIC deposit insurance along with Ally’s online and mobile security guarantee.

No minimum deposit or balance requirements. You can open this account with as little as $0 with no minimum balance.

What's the difference between an interest rate and an APY?

Your interest rate is the simple interest paid on an account or investment over the period of a year. If you invest $2,500 into an account that comes with 1% interest, you’ll earn $25 on that investment at the end of a year.

The annual percentage yield (APY) is a bit trickier: It’s the interest rate compounded daily or monthly over the course of a year.

A super-high interest rate if you're in the habit of saving at least $100 per month or have $25K in the bank. From Nov. 27, 2018 through Dec. 20, 2018, CIT Bank will donate 100 meals to people in need.

What other savings options does Ally Bank offer?

Money market. Enjoy up to 1% APY, no monthly fees and unlimited deposits and ATM withdrawals with this high-interest savings account.

High-yield CDs. Terms range from three months to five years and offers APYs of 0.75% to 3%.

No-penalty CDs. With APYs between 1.75% and 2.2%, you can get higher returns than a savings account without the withdrawal penalties of a standard CD.

IRAs. Traditional, Roth and SEP IRAs come with APYs up to 3% and options for both fixed and flexible rates.

Bottom line

Ally Bank’s Online Savings Account offers a generous 2% APY with no monthly maintenance or other hidden fees. It allows you to easily manage your money from your computer, tablet or phone, but it lacks the support of a traditional brick-and-mortar bank. If you’re looking for a hassle-free, convenient way to save and don’t need the amenities of a bank branch, this online savings account could be a good way to save. But before opening an account, be sure to compare your options to find the right account for your situation.

Common questions about the Ally savings account

You can transfer funds from an externally linked account, deposit your money through wire transfer or use Ally Bank’s eCheck Deposit with your mobile device.

There’s no minimum daily balance associated with this account, so deposit as much or as little as you want to begin earning daily interest.

No. The Ally Bank Online Savings Account does not offer access to ATM withdrawals. For an account that offers ATM access, consider Ally’s Money Market account or its Interest Checking account, both of which are free to open and come with checks and a debit card.

Yes. Ally does not have a limit on how many savings accounts you can open. Multiple savings accounts can help you better organize your finances or save for different goals.

Yes. It’s called Ally Mobile and is available on Google Play and the Apple App Store. You can use the mobile app to check balances, send mobile payments, deposit checks, make transfers and more.

Adrienne Fuller leads the publishing team at finder.com. She has one goal: to deliver the accurate and transparent information she wishes she had when she made some of life's important financial decisions. When she's not helping folks save money, she's hiking with her two Catahoulas around her home in San Diego.

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